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7701  Bitcoin / Press / Re: [2017-10-29]Samsung Builds Bitcoin Mining Rig Using Old Phones on: October 29, 2017, 05:48:25 PM
Mining Bitcoin with old mobile phones is stupid. The difficulty is simply too high and the gain from this will be negligible. If

they mined one of these Alt coins with a lower difficulty and ASIC resistance, they might have made some profits that

are actually worth something. I am all for "re-cycling" but it should be more efficient/profitable for people to do this, for

people to continue doing this.  Wink 

Maybe it was a misunderstanding and they were actually mining Monero or Ethereum, because journalists often mistake them for Bitcoin when it comes to mining - for example, during the recent browser mining plague they were often claiming that visitors have to mine Bitcoin. And if this rig is more than just bundling together a bunch of old smartphones, if they made some changes to hardware to essentially turn them into ASICs, than it might be really profitable.
7702  Bitcoin / Press / Re: [2017-10-27] Central Bank of South Korea: Bitcoin Is a Commodity, Not a Currency on: October 29, 2017, 04:33:57 PM
I think this decision is mostly political as many other governments also refused to recognize Bitcoin as a currency and gave it a status of commodity instead - most notably the US. By denying Bitcoin the status of a currency they try to prevent it's adoption as such, so people would think about it more as a speculative asset. But most countries don't have any strong position, and since everything that is not banned is allowed, Bitcoin can be used as a currency around the world with no repercussions.
7703  Bitcoin / Press / Re: [2017-10-29]Market Volatility, Illiquidity Can Be Quite Profitable for Bitcoin T on: October 29, 2017, 07:41:53 AM
Lets not forget that trading is a zero sum game and traders who get profits are doing so at expense of traders who suffering loses. There's a general opinion that trading involves analytical skills, that it can be learned but most people are silent about less conventional means of getting profits from trading - insider information, all sorts of manipulation like pump and dump, spoofing, spreading false rumors and so on. It's quite possible that such traders are present on Bitcoin markets because they aren't very regulated, and there two ways to solve this problem - either invite regulators all over the world or wait for Bitcoin market to naturally mature. I hope that we will have the second way and in the future the price will be more stable and less manipulated.
7704  Bitcoin / Bitcoin Discussion / Re: Do you diversify? on: October 29, 2017, 07:25:12 AM
Diversifying is a good idea, but as for the second part of your post, holding altcoins, it can be tricky. There's a strong general trend that when Bitcoin is growing, all altcoins lose their BTC value so their USD value remains roughly the same. If you'll put it together with a pretty popular opinion that altcoins are in bubble and that Bitcoin is the best cryptocurrency, than turning a big portion of your portfolio into altcoins might start sounding like a dangerous idea. On the other hand, this year altcoins showed giant growth and people who have been holding them for at least 6 months at that point have managed to get some very big returns (for example, Ethereum was trading at $10 last year, while today it's $300), but it's very hard to tell if this will ever repeat or if altcoins will crash instead. So, if you want to diversify, better pick your coins very carefully and select only 1-3 coins that you think are the best.
7705  Bitcoin / Bitcoin Discussion / Re: FOMO Infecting Traditional Finance on: October 29, 2017, 05:51:44 AM
Quote
Ami Ben David, co-founder of venture capital fund Spice, argues that there has been a noticeable shift in the attitude of traditional finance towards cryptocurrencies in the past 12 months, driven by "fomo".

"A year ago they didn't know about it, six months ago they thought it was a scam and now they realize they simply just don't understand it and are starting to get nervous and want to learn about it," he says.

"There is definitely an element of fomo. People have been told by their advisers, 'Don't touch it! It's a bubble!', and now they are upset they might have already missed it."

Source.

As one of the most popular saying goes: "If you can beat it, then join it." This seems to be what many those involved in many financial firms can be thinking right now after watching and then realizing that Bitcoin will never go away even under so many uncalled for threats and unnecessary trials. The things and people that are not able to kill Bitcoin are the same that made Bitcoin stronger and more resilient.

It would then be easy to predict that soon we can see a critical mass of people from the Wall Street joining the Bitcoin bandwagon. Who would not want to be left out especially so if we are talking here of potential profits. These people -- well just like you and me -- are all motivated by greed.  And they must have clients who are already inquiring about Bitcoin and other cryptocurrencies and they can be able to make some ride.
The value increases too fast and for a short time it is the expression of the bubble (everyone sees this). When you want to invest in it but you do not buy it at high prices and are afraid of risk, so it will explode that is normal. Those who take risks and they believe in it, they will achieve success and people who ignore the opportunity will lose it.

The longer Bitcoin's price will be sustained on current level or at least not drop below $4,000-3,000 - the less weight "it grows too fast so it's a bubble" argument will have. For Bitcoin, stability and not crashing are as bullish as getting some 10-20% gains in a day. Maybe it's true that trditional finance already feels the FOMO, maybe most of them listen too much to people like Jamie Dimon, but eventually Bitcoin will be widely recognized and no longer be some risky new tech that is hard to understand.
7706  Bitcoin / Press / Re: [2017-10-27] Company Added ‘Blockchain’ to Its Name and Its Shares Surge 394% on: October 29, 2017, 05:32:34 AM
That's a good sign that blockchain is going mainstream, but it's also sad that blockchain has been separated from cryptocurrencies and many cryptocurrency haters have been embracing it lately. So, on one hand it can be viewed as inadvertent support for cryptocurrencies, but on the other we might see a big competition between private and decentralized blockchains - the private ones will be backed by banks, big companies and governments while decentralized blockchains will be supported by communities and investors. Unless, of course, it will turn out that centralized blockchains are just hype and they can't improve every database system.
7707  Bitcoin / Bitcoin Discussion / Re: can states buy all bitcoin? on: October 29, 2017, 04:48:22 AM
Just like with other assets, you simply can't buy all Bitcoins because only a fraction of existing Bitcoins are for sale. People are often being misguided by marketcaps, thinking that they are equal to the total worth of all coins, but reality is a bit more complex. What you really can do is buy all Bitcoins that are on order books on exchanges - that's some dozens-hundreds of thousands coins. As you will be buying, the price will be quickly increasing, so instead of current $5,700 * X, the price will be much higher. After that people will put more Bitcoins for sale at a new high price, so it would be impossible to buy all Bitcoins because the price will be only increasing. And if government will try to print more money to buy more coins, they would just kill the fiat currency and their own economy. This scenario is so unrealistic that there's no chance we'd ever see it happening.
7708  Bitcoin / Press / Re: [2017-10-28] Segwit2X Statement and Concerns on: October 29, 2017, 03:14:32 AM
If there are many other bitcoin organizations and institutions that reject the Segwit2x hardfork, then that makes it contentious, and if it is contentious then it is an altcoin, and if it is an altcoin, but it demands to call itself bitcoin, then it should be considered a raid on the real bitcoin.


Golden words, I've seen some people here arguing that SegWit2x is an improvement proposal and that Core doesn't have monopoly on Bitcoin's developement, but that's not the point, Bitcoin is whatever chain users support - not miners, and not big businesses - they are supposed to serve the users, not dictate them what to do. And there are no signs that majority of Bitcoin users wants to fork - Core client dominates the node count, Bitcoin communities all over the world reject it, the biggest subreddit /r/Bitcoin rejects it, and most users who have their opinion about forks on this forum also reject it.
7709  Bitcoin / Bitcoin Discussion / Re: Bitcoin and Virtual Reality on: October 29, 2017, 01:09:05 AM
Let's see BTC integration into gaming, any game, first and then we can move into VR. I find it pretty weird that there aren't any monetised games with any Bitcoin provision. I guess it rips some profit away from them but it would also attract greedy gamers.

Bitcoin will never and shouldn't be integrated as in-game currency in any popular game, because in game currencies are supposed to be infinitely emitted so players can earn them via in-game tasks, and it's also supposed to be destroyed when players spend it to prevent inflation. So, in gaming and VR Bitcoin can only be used as as a payment method, although it may change if the game has some new economic model that is different from all existing mmo's. But there also a problem with scaling - Bitcoin transactions take a few hours to confirm and sometimes have pretty high fees - this means they are pretty bad for microtransactions.
7710  Bitcoin / Press / Re: [2017-10-26] Bitcoin itself could split next month wsj.com on: October 28, 2017, 06:24:49 PM
Mainstream journalists tend to overdramatize their reports on Bitcoin, perhaps out of their habit of making sensations out of nothing. It was exactly the same on August 1st - they were reporting that "Bitcoin split in two", that some $6 billion network was created in a single day and that Bitcoin community was suffering from a civil war. For outsiders or Bitcoin newbies it all sounds like Bitcoin is in a serious trouble, while in reality it's just a group of miners and businesses throwing tantrum again and trying to force community to follow their chain as the real Bitcoin - but since they don't have support from users, that's not going to happen. So, it's unlikely that there will be any big disruption that might cause Bitcoin's price to drop.
7711  Bitcoin / Press / Re: [2017-10-29] Man In Michigan Prosecuted For Selling Bitcoin on: October 28, 2017, 03:39:36 PM
People often ask here questions like "what if Bitcoin was regulated?" or "can Bitcoin be regulated?". But the answer is, it is already regulated in some countries and this is an example of how it looks - people are forced to participate only on licensed markets like Coinbase, otherwise they will face charges. On the network level we will always be free to do whatever we want with out coins, but governments will always be able to direct the use of cryptocurrencies via their laws. We are still on a very early stages of crypto revolution and many things has to happen before the crypto economy will be able to challenge the governments, but Bitcoin has set the first stone for it.
7712  Bitcoin / Press / Re: [2017-10-27] Warren Buffett: Bitcoin is a bubble, as it doesn’t produce value on: October 28, 2017, 04:40:06 AM
Most Bitcoin naysayers have one thing in common - their age. Usually they are old people from stock markets, banks and governments who don't understand new technology and are afraid to see their own wealth getting disrupted by a new asset. Their opinions don't have much weight despite their success with fiat economy - because Bitcoin introduces a new type of economy, the one not yet fully studied by economists, so many traditional economic theories simply do not apply to Bitcoin.
7713  Bitcoin / Press / Re: [2017-10-27] Bitcoin’s origin remains a mystery. Here's why it matters! on: October 28, 2017, 04:19:28 AM
If Satoshi would reappear, I think he will most likely refuse to take the role of leader, because he wanted Bitcoin to be developed by open source contributors, with approval from the community, which is what we actually have now. It might even be one of the reasons why he choose to leave, so Bitcoin won't have a weak central point, like for example Vitalik Buterin is for Ethereum's network - just remember how the price crashed some time ago when someone started spreading rumors that he died in a car accident. So, from a technical standpoint it doesn't matter who is Satoshi, and if the market is rational, it shouldn't strongly affect the price.
7714  Bitcoin / Bitcoin Discussion / Re: Bitcoin is decentralized then who do the forks? on: October 28, 2017, 03:39:02 AM
I am very confused about the blockchain. They saying this is peer to peer tech. Btc not control by anyone. Then who is doing segwit, forks ?



Anyone can create a fork or make a proposal for Bitcoin Core client, even you and me. Decentralization means that people have to agree with each other to reach consensus and be on the same network - so hard fork is essentially creating a new network and inviting people from original network to switch to a new one. But until people from original network accepted this invitations, those forks have no effect on them, so even if development is controlled by a single person or organization, people can always choose a new developer via a fork.
Now, to be more specific, the upcoming SegWit2x fork is backed by big businesses. it has zero support from current Bitcoin developers and very small support from Bitcoin users - this means that it's unlikely that it will become Bitcoin, it will just be an altcoin.
7715  Bitcoin / Bitcoin Discussion / Re: Why you shouldn't support Segwit2x - even if you like the 2MB increase on: October 28, 2017, 02:07:44 AM

But the Segwit2x supporters have made three big mistakes (if their intention was really to become "the Bitcoin"):
  • they created or at least tolerated the creation of Bitcoin Cash
  • they set a very close hard fork date, without even trying to negotiate a later date with the Core team (2018/19) when more features of the hardfork wishlist could have been included.
  • they didn't specify the "Bitcoin symbol" question. Most non-NYA exchanges will use BTC for the 1MB original chain, and NYA-supporting Coinbase using "BTC" for the 1MB chain is a big setback because it was the biggest "fish" in the NYA pool. So: Most users will see Segwit2x as an altcoin on exchanges, and they will treat it that way.


1. BCH and SegWit2x have strange relations, since BCH was created by Bitmain which also support SegWit2x. This shows that there's no unity or strong political beliefs in SegWit2x camp - they are simply guided by greed.

2. They did it on purpose to be as contentious and disruptive as possible, it's all about trying to force Core to submit to their demands instead of having their own vision. It's not a secret that eventually Core will start preparing for their own block size increase, but only when they will feel like the network is ready - they don't want to risk security for some short term gain in capacity. So, SegWit2x people want to actually control Core or replace it, simply increasing blocksize is not their main goal.

3. There would be a huge legal shitstorm if a company like Coinbase tried to name SegWit2x coin as "BTC". They are not completely suicidal.
7716  Economy / Economics / Re: What happens to Crypto when normal stockmarket collapses?? on: October 27, 2017, 11:53:04 PM
Bitcoin and cryptocurrencies will get some boost, because investors will be looking for new markets, but it's hard to say how big this effect will be. Maybe it will add 10% to Bitcoin's value, or 50%, but I doubt that it would be able to double it. Also, during that time there can be some other events that might overshadow the effect of stock market crash - it might be negative, like Bitcoin getting banned in some major country, or positive - if it's adoption will be growing and development will progress further. It's also possible that Bitcoin won't be affected at all - many people tried to tie Bitcoin's growth to political and economic climate in the world, suggesting that negative events are boosting Bitcoin's price, but usually there's actually no correlation. But we haven't seen a major economic crisis during the time of Bitcoin's existence, so there are many possibilities.
7717  Alternate cryptocurrencies / Altcoin Discussion / Re: [2017-10-26] Vitalik Buterin: 90% of token startups will fall on: October 27, 2017, 11:02:29 PM
ICO's will fail not because ERC20 is bad, the problem is not the tokens themselves but the networks that they represent. Most of them are not able to deliver their promises for many reasons, like lack of skill, unrealistic goals or just being plain scams - and the situation is quite similar with real world startups. So, this suggested token 2.0 system might not necessarily solve the problems with current ICO's. What is really needed is community effort for filtering obviously bad projects on early stage, so investors will have to spend less time looking for good projects. Also, ICO's are in bubble because people are speculating on them - they are not buying tokens because they believe in projects, they buy them to sell a few weeks later after expected pump.
7718  Bitcoin / Bitcoin Discussion / Re: Do you think it matters who Satoshi Nakamoto is/was? on: October 27, 2017, 06:15:58 PM
My personal take on it is that Bitcoin may actually be harmed if the authorities catch up with Satoshi Nakamoto. I think we all saw the crap that Dorian Nakamoto had to go through when he got fingered as the creator of Bitcoin. They could conceivably wring all sorts of false "confessions" out of him if they are determined enough to discredit Bitcoin and Satoshi Nakamoto's reasoning behind creating Bitcoin.

Satoshi didn't want Bitcoin to be strongly influenced by a few persons, even by himself or other developers, and Bitcoin was designed to be based on community consensus. Sure, there will be some panic if Satoshi will get arrested by authorities or will start moving his coins, but there's nothing that can cause a long term damage - there is no master keys or backdoors. As for your scenario, no one will believe any forced "confessions", and Satoshi is not actively influential so again, it won't kill Bitcoin.
7719  Bitcoin / Bitcoin Discussion / Re: Segwit2X:Users care which side wins? Or do they? on: October 27, 2017, 05:26:27 AM
I have been observing social media polls and saw how high the number of people who haven't picked a side in this debate or who just don't think its important. I am interested if finding out whether it is important to have a position or not?

Social media polls aren't very representative and can just easily be manipulated. Like, there's a poll on CoinDesk with nearly even results for all 3 options - support, oppose, not decided, but lets not forget that CoinDesk belongs to the same DCG that is behind the fork. Users who frequently engage in Bitcoin discussions usually have pretty strong opinion on the fork - just check /r/Bitcoin or this forum, you'll rarely see anyone undecided. Those who don't have their opinion yet are probably newbies or people who threat Bitcoin very casually, because both don't have enough knowledge to understand what's happening. But they would quickly learn if someone from the forkers would tell them to install btc1 client and import their private keys - because that sounds really suspicious even for unexperienced users.
7720  Bitcoin / Press / Re: [2017-10-26] ‘Bubblish’ Bitcoin ‘Just an Application’ of Blockchain on: October 27, 2017, 05:16:26 AM
Governments and banksters can no longer deny that Bitcoin works, so they picked up a new tactic - praising blockchain. But from technical point of view, blockchain was created to solve the problem of double spending in decentralized environment, so when someone tries to use it in their centralized, permissioned environments, blockchain loses a lot of its core features that make it valuable. Essentially, centralized blockchains are just applications of the same cryptography that has been around for years, and they don't fully solve problems of trust. Decentralized blockchain-based services are what's actually going to disrupt the entire economy, but they might still be far away from us.
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